MUMBAI (Dec 20): India on Monday has allowed imports of refined palm oil until December 2022, the government said in a notification, as the world's biggest vegetable oil buyer tries to bring down edible oil prices. The move could reduce India's crude palm oil (CPO) imports, with buyers shifting to refined palm oil as exporting countries such as Indonesia levy higher taxes on CPO shipments than refined palm oil. The Indian Ministry of Commerce and Industry issued a notification on Monday saying imports of refined palm oil would be allowed until Dec 31, 2022. India fulfils more than two-thirds of edible oil demand through imports, and palm oil accounts for more than 60% of the total imports. In June, India had allowed imports of refined palm oil for six months.

Source: The Edge Markets December 21, 2021 02:58 UTC